Making Tax Digital
When Is Making Tax Digital?
Making Tax Digital (MTD) is the single biggest innovation in tax reporting businesses are ever likely to see. Whether you decide to embrace it or hate it, uptake of the scheme is mandatory for almost all companies from April 2019.
What is Making Tax Digital?
All businesses, landlords, and self-employed taxpayers with an annual turnover of £85,000 or more will be required to register, file, pay, and update their information online each quarter, using specialist accounting software and HM Revenue & Customs’ own digital tax portal.
Do I have to use Making Tax Digital?
Only businesses with a turnover above the VAT threshold (£85,000) will have to use Making Tax Digital. They will be required to report VAT digitally from April 2019, and report Income Tax or Corporation Tax digitally from April 2020.
Businesses earning below the threshold can choose to “opt in” whenever they feel ready.
Work out when you have to go digital by using our handy flowchart below.
Are you ready? Get ahead of the pack and use Cloud Accounting today.
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Keep up to date with the latest news on Making Tax Digital
- Making Tax Digital for VAT pilot launched by HMRC
- New Making Tax Digital updates published by HMRC
- Almost half of SME bosses still ‘unaware’ of MTD
- HMRC to address concerns raised about proposed MTD penalty model
- Making Tax Digital delayed by at least a year for the majority of businesses
- Three million small businesses to benefit from Making Tax Digital plan changes
- Making Tax Digital delayed, but businesses can still gain from online accounting, says Watson Buckle
- Businesses below the VAT threshold to be exempt from Making Tax Digital
- Making Tax Digital dropped from Finance Bill ahead of General Election
- Almost half of SMEs think Making Tax Digital will overcomplicate tax, study reveals
- Making Tax Digital: Cash basis accounting for landlords
- ‘True costs’ of Making Tax Digital still unclear, says Treasury Committee
- Fines of up to £3,000 for failure to comply with Making Tax Digital, says HMRC